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NY A09879
Bill
Status
4/24/2024
Primary Sponsor
Edward Braunstein
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AI Summary
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Creates a 13-member temporary state commission on New York City property tax reform chaired by the Commissioner of Taxation and Finance, with members appointed by the Governor, state legislative leaders, NYC Council Speaker, NYC Department of Finance Commissioner, NYC Comptroller, and NYC Mayor
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Commission members receive no compensation but are reimbursed for actual and necessary expenses; all appointments must be made within 14 days of the act's effective date
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Mayor of New York City must present a property tax reform plan to the commission by August 31, 2024, guided by the NYC Advisory Commission on Property Tax Reform and noting any deviations from its recommendations
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Commission shall submit draft legislation recommendations to the Governor and Legislature by December 31, 2024, advancing goals of fairness, clarity, simplicity, elimination of structural inequality, affordable housing development and preservation, owner relief, and protection of low- and moderate-income residents without diminishing city revenue
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Draft legislation must include a mandatory cyclical review of the property tax system
Legislative Description
Establishes the 13 member temporary state commission on New York city property tax reform to propose property tax reform for the city of New York that promotes fairness, clarity, and simplicity; that eliminates structural inequality and taxes similar properties similarly; that encourages the development and preservation of affordable and multifamily housing; that includes owner relief programs and an approach to transition that insures low- and moderate-income owners have affordable tax bills and that primary residents are not displaced from their homes; and that does not diminish revenue for the city of New York.
Last Action
referred to real property taxation
4/24/2024